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ETH · 2w

ETH Setting Up for Potential Relief Rally


ETH Setting Up for Potential Relief Rally — Price Analysis


ETH Setting Up for Potential Relief Rally — Price Analysis LTF (Low timeframe) trend: Plenty of signs supporting a small reversal MTF trend: Monster downtrend obtains HTF trend: Trend completely short-circuited & unknown  

In the state of general market collapse – of both cryptos and traditional assets – Ethereum (ETH) may see some respite. But there are no promises in this toxic atmosphere, as crypto’s tight correlation to traditional markets has made itself painfully obvious in the past week.

We start on a 4-hour ETH/Bitcoin chart, and see Ethereum holding pretty well within local and regional support. A bull divergence is showing up on the RSI, and the histogram is arching up in a bullish contraction.

ETH chart by TradingView

We could see this pop soon, depending on what the traditional markets do. Despite many anticipations, crypto is not (yet?) decoupled from traditional markets and the general economic concerns now affecting governments around the globe.

A relief rally is badly needed for Ethereum, in order to reclaim a really important level on the ETH/Bitcoin chart. This is the ‘Capitulation Line’, which was an important level lost in 2019 and recently reclaimed. Retaking this level on a relief rally would likely change the market’s perception of where ETH is headed.

ETH chart by TradingView

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